Refer to the table above. Identify the correct statement
A) Country X has an absolute advantage in the production of both the goods.
B) Country Y has a comparative advantage in the production of both goods.
C) Country X has an absolute advantage only in the production of wheat.
D) Country Y has an absolute advantage in the production of both goods.
D
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For a nondiscriminating monopolist, which of the following statements is true?
a. Unlike a firm in perfect competition, a monopolist produces where MR > MC. b. The monopolist's marginal revenue curve is the same as its demand curve. c. The monopolist will always produce in the inelastic range of its demand curve. d. The monopolist does not have a supply curve. e. The monopolist produces where MR < MC.
The Lucas supply function, in combination with the assumption that expectations are rational, implies that
A. both anticipated monetary and fiscal policy changes will affect real output. B. neither anticipated monetary policy changes nor anticipated fiscal policy changes will have an effect on real output. C. an anticipated monetary policy change will have no effect on real output, but an anticipated fiscal policy change will have an effect on real output. D. an anticipated monetary policy change will have an effect on real output, but an anticipated fiscal policy change will not have an effect on real output.